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Posted on 8/22/16 at 2:31 pm to TheWiz
I don't really understand what you are doing here then, why are you trying to transfer studen loans into a personal loan? Are you really able to get a better personal loan rate then student loan rates? Have you looked at other long term student loan refinance rates? I haven't in years and I'm ignorant here, I just have never heard of anyone transferring student loan debt into a short term Balloon loan so I'm trying to figure out why you are?
The only reason I can figure out is that you would get a better short term rate? 10 years or so again towards the end I was getting something like 2.6% on my student loans. Are your loan rates not super low like that?
The only reason I can figure out is that you would get a better short term rate? 10 years or so again towards the end I was getting something like 2.6% on my student loans. Are your loan rates not super low like that?
Posted on 8/22/16 at 3:11 pm to baldona
quote:
I don't really understand what you are doing here then, why are you trying to transfer student loans into a personal loan?
I refinanced my wife's med school and my MBA from 6.8% to 4.25%. I consolidated everything into one monthly payment.
Based on some quick math, $210,000 of student loan debt in a typical ten year or twenty year student loan at 6.8% would result in interest payments of either $80,000 or $174,000. Going the balloon route, I am looking at somewhere around $22,000-$25,500 in interest.
nd yes, we have an "in" with a local bank. I can get prime + a point basically.
Does that help clear it up?
This post was edited on 8/22/16 at 3:27 pm
Posted on 8/22/16 at 3:35 pm to TheWiz
Yeah I forgot graduate loans were at higher rates. All the rates I'd seen were mid 3-5% so I was surprised a personal loan would be able to beat. Makes more sense now.
Yeah I mean if you are able to lower your rates by doing a balloon then by all means do it.
I'd certainly make sure you have an "out" in year 5 to refinance if you need to do so.
Yeah I mean if you are able to lower your rates by doing a balloon then by all means do it.
I'd certainly make sure you have an "out" in year 5 to refinance if you need to do so.
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